Within the city’s revered Golden Triangle, the 1670 square metre site at 280 Elizabeth Street includes a 10,600 sqm nine-storey building which vendor Telstra offered with a leaseback expiring in mid-2026.

“A multitude” of future uses including commercial, residential and a hotel was promoted by Knight Frank’s Justin Bond and Matt Barker as potential development outcomes once Telstra vacates.

Charter Keck Cramer, which is headquartered in Melbourne, like Telstra, was the transaction advisor.

The deal values each square metre of land at $34,122.

Based on the rental Telstra is paying ($3,180,600 per
annum), the property, known as the Edison Telephone Exchange, is trading on a
5.9 per cent yield.

The acquisition comes two years after Firmus Capital paid
$130 million for another Brisbane asset at nearby 127 Creek Street.